In July 2025, prebaked anode exports were up over 30% MoM. Growth momentum in 2026 will focus on the South Asia and Southeast Asia markets [SMM Analysis]

According to customs data, China's prebaked anode exports in July 2025 were 173,700 mt, down 17.81% YoY and up 31.07% MoM. A rough calculation shows that the average export price of prebaked anodes in July 2025 was about $825.84/mt, up 24.16% YoY and 0.23% MoM. In 2025, China's cumulative prebaked anode exports reached 1.23 million mt, up 2.45% YoY.

In terms of domestic export regions, prebaked anode exports in 2025 were concentrated in Shandong, Hunan, and Jiangsu. Among them, Shandong's cumulative export volume was 950,700 mt, accounting for 77% of the total, ranking first; followed by Hunan with a cumulative export volume of 97,700 mt, accounting for 8% of the total, and then Jiangsu with a cumulative export volume of 97,100 mt, also accounting for 8% of the total.

Regarding export destinations, the main countries for China's prebaked anode exports in 2025 were Malaysia, Canada, and Indonesia, accounting for approximately 47% of the total exports. Exports to Malaysia totaled 247,600 mt, representing 20% of the total, down 24.91% YoY; exports to Canada were around 179,600 mt, representing 15% of the total, up 10.74% YoY; and exports to Indonesia were about 151,100 mt, representing 12% of the total, up 110.65% YoY.

From the perspective of prebaked anode export data in July 2025, the export volume showed a growth trend compared to the previous month. Specifically, orders to the UAE, Iceland, and Norway saw a significant increase, with a total increase of over 50,000 mt. However, orders to Spain, Malaysia, and Canada declined. Overall, prebaked anode export orders in 2025 performed well, and SMM learned that negotiations for 2026 export orders have already begun. Based on current negotiation situations, it is expected that the total export volume in 2026 will grow, with demand from South Asia and Southeast Asia being the main source of this growth. Despite the optimistic outlook, fluctuations in raw material prices, complex and volatile geopolitical situations, and a slowdown in global economic growth may bring uncertainties to the price system and delivery times of prebaked anode exports. Therefore, the dynamic changes in related markets are worth continued attention.